The Generalized Multidimensional Economic Space Effect Of The Belt And Road

The promotion of the “the Belt and Road” initiative has promoted the new round of globalization value chain,facilitated the development of world trade,investment and economic growth,and provided new opportunities and new stages for the developing countries to equally participate in the international market.Through the trade and capital flows,each economy along the line enhances its allocation efficiency in global factors and capital flows,enhances higher quality and high-level development of the economy under the new open economy conditions,and eventually achieves the expansion in different industries,regions,and levels of trade and investment space which has accelerated the reconstruction of the international economic and trade pattern and triggered a new round of global trade growth and prosperity.The implementation of the “the Belt and Road” initiative has achieved remarkable results,which has triggered a research boom in the academic implementation of the effect of policy implementation.On the one hand,the most direct manifestation of the implementation effect of the “the Belt and Road” initiative is that investment and trade have caused new agglomeration and spillovers in those economies;on the other hand,the new economic globalization and the new era of the Internet have intensified the spatial dependence and heterogeneity of spatial units,and spatial data show a new multi-dimensional hybrid feature in terms of time,space and cross-regional effects.How to effectively measure the implementation effect of the “Belt and Road” initiative,and deeply explore the multi-dimensional economic spatial agglomeration and spillover impact mechanism under the “Belt and Road” strategy is of great value to help decision makers to formulate targeted political agreements and better implement this strategy.Therefore,utilizing the spatial econometric theory,this paper focuses on the limitations of the traditional econometric method in describing the new characteristics of the “the One Belt,One Road” multidimensional economic space effect,uses the “One Belt,One Road” strategy implementation leads to cross-regional capital flows and trade as the main line,and conducts an empirical test from the diverse aspects of time,space,cross-regional and multidimensional spatial perspectives to examine the spatial agglomeration effect and spatial spillover effect under the joint action of investment and trade since the implementation of the “One Belt,One Road” initiative,and further explores the implementation effect of the “One Belt,One Road” initiative.The research content of this paper includes the following three parts:Firstly,by combining investment distance and trade distance,the multi-dimensional economic indicators and the "distance" indicators are united to construct a multi-dimensional spatial weight matrix to empirically test the "One Belt,One Road" multidimensional economic space effect.The results show that after the implementation of the “One Belt,One Road” strategy,there is a significant positive spatial correlation between countries along the line of investment and trade.Secondly,the economic spatial weight matrix is constructed as the carrier of multi-dimensional spatial effect,and the panel Spatial-SUR model is introduced to empirically test the multi-dimensional economic spatial agglomeration effect of “One Belt and One Road” under the joint action of investment and trade.The characteristic distribution of the “One Belt,One Road” multidimensional economic space agglomeration is analyzed by standard deviation ellipse analysis(SDE).The empirical results show that there is a significant multi-dimensional economic spatial agglomeration effect among the economies along the “Belt and Road”.Investment and trade are the main channels for spatial agglomeration,and the implementation of the “One Belt,One Road” initiative plays a role in boosting economic growth along the line.Finally,based on the theoretical model that introduces the spatial spillover effect hypothesis,the spatial Dubin model(SDM)empirical test is carried out to test the multi-dimensional spatial spillover effect of investment and trade under the implementation of the “Belt and Road” strategy.The partial and indirect effects of spatial spillover effects are further measured using partial differential methods.The empirical results show that there is a significant multi-dimensional economic space spillover effect along the “Belt and Road”.The implementation of the “One Belt,One Road” initiative has a positive spillover effect.Strengthening economic and trade exchanges along the line economy can not only effectively promote economic growth in the region but also exert positive spatial spillover effects while driving economic growth in adjacent areas..